Michael Saylor Was Shipwrecked, But Bitcoin Investors Needn't Panic

Cryptocurrency's real usefulness is growing, users are growing, and plans are advancing rapidly, despite events that have caused temporary challenges in terms of price.< /p> Opinion
As cryptocurrency investors know, the market moves in cycles. We had the up cycle when Bitcoin (BTC) and Ether (ETH) hit all-time highs, and now the bears are back in town.

One manhandled MicroStrategy founder and executive chairman Michael Saylor this week. In this case, it was a very powerful bear – Washington, DC Attorney General Karl Racine – suing the Bitcoin evangelist for allegedly owing $25 million in unpaid taxes. MicroStrategy's stock price fell more than 13% on the news, from $251 on August 29 to under $220 on September 1.

Still, now is not the time for investors to panic. It's been about three months since the now infamous crash of the Terraform ecosystem - which ended the biggest bullfight known to man - and the sky still isn't falling. The world does not end and the blockchain is more immutable than ever.

Does this mean industry leaders need to stop viewing market downturns as existential threats to cryptocurrency as a business? Maybe not, given that $2 trillion in value was wiped from the cryptocurrency market capitalization after the Terraform collapse. Such extreme market events cannot be dismissed as volatile fluctuations that we should expect in the future. Not all of the factors that play into it are healthy.

Related:

Crypto Sep 1, 2022 0 72 Add to Reading List

Michael Saylor Was Shipwrecked, But Bitcoin Investors Needn't Panic

Cryptocurrency's real usefulness is growing, users are growing, and plans are advancing rapidly, despite events that have caused temporary challenges in terms of price.< /p> Michael Saylor got wrecked, but Bitcoin investors needn't panic Opinion

As cryptocurrency investors know, the market moves in cycles. We had the up cycle when Bitcoin (BTC) and Ether (ETH) hit all-time highs, and now the bears are back in town.

One manhandled MicroStrategy founder and executive chairman Michael Saylor this week. In this case, it was a very powerful bear – Washington, DC Attorney General Karl Racine – suing the Bitcoin evangelist for allegedly owing $25 million in unpaid taxes. MicroStrategy's stock price fell more than 13% on the news, from $251 on August 29 to under $220 on September 1.

Still, now is not the time for investors to panic. It's been about three months since the now infamous crash of the Terraform ecosystem - which ended the biggest bullfight known to man - and the sky still isn't falling. The world does not end and the blockchain is more immutable than ever.

Does this mean industry leaders need to stop viewing market downturns as existential threats to cryptocurrency as a business? Maybe not, given that $2 trillion in value was wiped from the cryptocurrency market capitalization after the Terraform collapse. Such extreme market events cannot be dismissed as volatile fluctuations that we should expect in the future. Not all of the factors that play into it are healthy.

Related: